Looks like we have a bearish diametric forming on the BTC 1h chart. Should have one more wave down to complete Wave-F and then Wave-G will be (I'm guessing) very similar to how A/B were, quite flat. If Wave-G doesn't touch the trendline, expect a violent down move as this will constitute a G-wave failure. G wave is just drawn for illustration purposes, those aren't targets, nor is where I have Wave-F ending.
Not financial advice.
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As long as we stay below ~12100 on this current wave (Wave-B of Wave-F) this idea is valid. If we break the trendline, the diametric is either invalid or larger than I have here.
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In case there is ambiguity too
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Another possibility is that this is the completion of Wave-G right now, but I prefer the first idea because of time similarity between the waves. This idea would make Wave-F and G very quick (which is possible). Either way, I don't expect any further highs to be made.
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Turned off BB, bit easier to see, sorry
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Guess it's just about moment of truth time, looks like BTC is about to run up to the trendline. Hoping I'm right on this and we drop soon.
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Probably a better wave count - Wave-G is going to end exactly at 1.618 of Wave-A (or already has).
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Although posting that I see my internal count on Wave-F got shifted over, so that's not quite correct either. but it's looking promising anyways to dump soon.
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Confirmation will be when the start of Wave-G gets broken to the downside with a faster retracement time than it took going up, by the way. So it isn't confirmed until ~11450 is broken with force.
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Wave-G longer and more bullish than I anticipated. Here is a pattern I found from a previous bearish diamond diametric on BTC, which it seem to be following pretty closely now - will probably use this as a rough guide on what is to (hopefully) come.
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Ignore that stray arrow there...
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Probably not that bearish, but should be a quick drop fairly soon...
Trade closed: target reached
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That's probably all for this streak down.
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Having said, I don't think we are going up from here, and we could very well retest the low we just had. The pattern is repeating very closely to what I posted above (so far), and so just so you can see what the continued pattern would look like...
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I don't know that I agree with it going above the green line, I've been kind of using that as a bounds to bounce back and forth in, but it's possible. Also, there is bullish divergence on the 1h, which was seen very similarly to where I got this pattern from (will show next).
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Previous pattern divergence
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Implications of this pattern repeating as before are a new ATH.